Shorts
In Arkansas, buying land resets the tax assessment. One lot's value line went $9.74 to $19.48.
The property tax figure on a land listing belongs to the seller. In Arkansas the sale itself resets the assessment: under Arkansas Code 26-26-1123 the assessor assesses a sold parcel at twenty percent of appraised value at the next assessment date, and the cap the seller enjoyed does not transfer with the deed. On one Horseshoe Bend lot the value based line went from $9.74 before the sale to $19.48 after it. Same lot, same millage. Before you agree to a price, ask the assessor what happens to the parcel's assessment on transfer. Text LAND to (307) 337-9113 for price drops and new lots.
Transcript
The tax figure on a land listing belongs to the seller. In Arkansas, your purchase resets it. On one Horseshoe Bend lot, the value based line read nine dollars seventy-four before the sale. After it, nineteen forty-eight. Same lot, same millage. Arkansas law assesses a sold parcel at twenty percent of appraised value. The seller's cap doesn't travel with the deed. Ask the assessor what happens to the parcel on transfer, before you agree to a price.
Sources
Want the full picture?
Read the full guide →